Murray UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Murray, UT Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Murray Housing Market Information

With 49,308 people, 19,014 houses or apartments, and a median cost of homes of $347,435, Murray real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Murray, accounting for 52.40% of the city's housing units. Other types of housing that are prevalent in Murray include large apartment complexes or high rise apartments ( 28.68%), row houses and other attached homes ( 10.33%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.53%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Murray. Owner-occupied housing accounts for 65.89% of Murray's homes, and 46.05% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Murray built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Murray built between 1940-1969 ( 29.84%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.89%). There's also some housing in Murray built before 1939 ( 3.07%).

Murray Home Appreciation Rates

In the last 10 years, Murray has experienced some of the highest home appreciation rates of any community in the nation. Murray real estate appreciated 69.64% over the last ten years, which is an average annual home appreciation rate of 5.43%, putting Murray in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Murray definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Murray that despite a nationwide downturn in the housing market, Murray real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Murray appreciation rates continue to be some of the highest in America, at 6.26%, which is higher than appreciation rates in 83.74% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Murray. Murray appreciation rates in the latest quarter were at 1.06%, which equates to an annual appreciation rate of 4.33%.

Relative to Utah, our data show that Murray's latest annual appreciation rate is lower than 50% of the other cities and towns in Utah.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Murray differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Murray - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Murray real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$347,435

Murray, UT HOME PRICES

Value Range
> $1,342,000 0.7
$1,007,001 - $1,342,000 0.6
$671,001 - $1,007,000 5.0
$537,001 - $671,000 7.0
$403,001 - $537,000 22.3
$268,001 - $403,000 35.4
$134,001 - $268,000 22.9
$67,001 - $134,000 2.4
$0 - $67,000 3.6

High for UT
Very High for Nation

Value Relative to Nation Value Relative to State
16.443795620438 38.9261744966443

Number Of Homes And Apartments:
19,014

Murray Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
120.50% 3.93%
9
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,509 / per month

Homeownership Rate

Homeownership
Owners 65.89
Renters 34.11
Vacant 5.05

Housing Market Details

 

Age of Homes

AGE OF Murray HOMES
2000 or Newer 11.9
1970 - 1999 55.2
1940 - 1969 29.8
1939 or Older 3.1

Types of Homes

TYPE OF Murray HOMES
Single-Family 52.4
Townhomes 10.3
Small Apt. Buildings 6.5
Apt. Complexes 28.7
Mobile Homes 2.1
Other 0.0

Home Size

SIZE OF Murray HOMES
No Bedroom 1.67
1 Bedroom 8.57
2 Bedrooms 29.91
3 Bedrooms 25.19
4 Bedrooms 20.85
5 or more bedrooms 13.80